The AUDJPY currency pair has retreated from its peak levels, which were last observed in November 2022, due to the ambiguous employment report for May in Australia. The current trading price is 95.5990.
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- AUD/JPY reverses from the highest levels since November 2022 on mixed Australia jobs report for May.
The pair currently trades last at 95.5990.
The previous day high was 95.28 while the previous day low was 94.6. The daily 38.2% Fib levels comes at 95.02, expected to provide support. Similarly, the daily 61.8% fib level is at 94.86, expected to provide support.
AUD/JPY jumps to the 6.5-month high as Australia’s inflation and employment numbers manage to defend the hawkish bias about the Reserve Bank of Australia (RBA) on early Thursday. In doing so, the cross-currency pair also justifies the upbeat yields and mixed Japan trade numbers.
That said, Australia’s Consumer Inflation Expectations for June rose to 5.2% versus the 4.8% expected and 5.0% prior. Further, the Employment Change rallied by 75.9K in May compared to 15K market forecasts and -4.3K previous readings. Additionally, Australia’s Unemployment Rate drops to 3.6% against expectations of witnessing a no change figures of 3.7%.
On the other hand, Japan’s Merchandise Trade Balance deficit widened in May but Machinery Orders improve for April.
Elsewhere, the US 10-year Treasury bond yield rose 1.0 basis point (bps) to 3.81% while its two-year counterpart grinds higher at the three-month top to 4.71% by the press time.
Above all, the monetary policy divergence between the RBA and the Bank of Japan (BoJ), as perceived from the latest comments and actions of the policymakers, keeps the AUD/JPY buyers hopeful.
Having witnessed the initial market reaction to the top-tier Australian data, the AUD/JPY pair traders should pay attention to China’s Retail Sales and Industrial Production for May amid fears of easing economic recovery of Australia’s key customer.
The overbought RSI (14) line joins double tops marked around 95.75, in July and October of 2022, to challenge AUD/JPY buyers
Technical Levels: Supports and Resistances
AUDJPY currently trading at 95.22 at the time of writing. Pair opened at 95.18 and is trading with a change of 0.04% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 95.22 |
| 1 | Today Daily Change | 0.04 |
| 2 | Today Daily Change % | 0.04% |
| 3 | Today daily open | 95.18 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 92.45, 50 SMA 90.98, 100 SMA @ 90.72 and 200 SMA @ 91.76.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 92.45 |
| 1 | Daily SMA50 | 90.98 |
| 2 | Daily SMA100 | 90.72 |
| 3 | Daily SMA200 | 91.76 |
The previous day high was 95.28 while the previous day low was 94.6. The daily 38.2% Fib levels comes at 95.02, expected to provide support. Similarly, the daily 61.8% fib level is at 94.86, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 94.76, 94.33, 94.07
- Pivot resistance is noted at 95.45, 95.71, 96.14
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 95.28 |
| Previous Daily Low | 94.60 |
| Previous Weekly High | 94.10 |
| Previous Weekly Low | 92.14 |
| Previous Monthly High | 92.44 |
| Previous Monthly Low | 89.16 |
| Daily Fibonacci 38.2% | 95.02 |
| Daily Fibonacci 61.8% | 94.86 |
| Daily Pivot Point S1 | 94.76 |
| Daily Pivot Point S2 | 94.33 |
| Daily Pivot Point S3 | 94.07 |
| Daily Pivot Point R1 | 95.45 |
| Daily Pivot Point R2 | 95.71 |
| Daily Pivot Point R3 | 96.14 |
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